If an owner or builder believes the Notice of Property Value (NOPV) is inaccurate, they can challenge the assessed value with the NYC Tax Commission. In response, the Tax Commission may reduce the property’s assessment, change the tax class, or adjust exemptions. The deadline for Class 2, 3, and 4 properties is March 1, and the deadline for class 1 is March 15.
Our clients frequently ask whether their projects are eligible for New York City’s widely used Industrial & Commercial Abatement Program (ICAP). Although developers and property-owners have been utilizing ICAP (as well as its predecessor, ICIP) for a number of years, the question of project’s eligibility remains somewhat tricky to answer. In this post we’ll discuss […]
It has been nearly a year since the City clarified the rules related to Affordable New York Housing Program (new 421-a). However, the developers of rental buildings are still struggling with the previously unfamiliar processes of Housing Lottery and tenant selection for income-restricted units.
